How Women Can Strengthen Their Finances after a Divorce

By Sustainable PF

If you’re at the early part of your divorce proceedings, you may be experiencing a variety of emotions. From betrayal and confusion to sadness and panic, divorce is an emotional ride you probably want to immediately get off of. However, your emotions will soon begin to stabilize and allow you to focus on a brighter and more prosperous future.

Update Your Information

Discussions of money may have attributed to your divorce, especially if you didn’t know how to go about it. After the dust has settled, the list of things to do may seem daunting. Taking it step by step will help empower you in the future and allow you to take command of your financial freedom. You can begin with your information. This includes changing your name on your social insurance card, driver’s license and mail delivery. Your credit cards, banking information, profit sharing and insurance will also need to be updated. If you have a will, you’ll need to update the beneficiaries and items that you’d like your personal belongings to go to in case of an accident or death. Profit sharing account beneficiaries will also need to be overviewed and changed accordingly.

Securing a Home

If you have money coming to you in a divorce, you may be able to secure a dwelling for yourself and children. Finding a community that works for the family is important. It should be close to schools, work and social activities. After you’ve had the chance to get your credit in order, and you’ve found the perfect home that fits into your budget, you’ll need to secure your loan.

Knowledgeable and trustworthy companies can provide you with a deal that suits your needs. Every state in our union, has of course, different lending laws that are overseen by the Federal Government. Vintage Oaks specializes in loans in made for their communities in Texas for example. This applies to any province or state. Sometimes you may get a far better deal going with a smaller lender attenuated towards the rules of your province/state. Any company should also have competitive interest rates, closing costs and be transparent about those fees, instead of hiding them within a complex set of escrow paperwork.

Comprehensive Financial Plan

A lifestyle report may have been developed while you were going through your divorce. This helps provide a clear pictures of your assets, so you can implement a proper budget. From this analysis, you can keep tabs on the amount of money you have to spend, general upkeep on your home and costs for living and children expenses. You also need to determine the amount of money needed for retirement. If you were given a lump sum at your divorce proceedings, a financial plan can help you allot funds for home expenses and what you’ll need to retire.

Build Your Own Credit

As a married couple, you may have gotten a home, credit cards and loans jointly. However, now it’s time for you to build your own nest egg and secure credit as a single person. Achieving good credit means paying your bills on time and not spending more than you have. It can also be the pathway to obtaining new loans in the future if you stay within a budget. In order to do this, you want to begin by getting a copy of your credit report. If there are any inaccuracies or blemishes, you need to address them immediately. If you have a job, get a credit card in your name and pay it off each month. However, if you’re not employed, you’re going to face other obstacles in trying to achieve a good credit score on your own. The best place to start is by making your own income even though you may have alimony coming in.

Seek Help from the Professionals

A financial planner has the expertise to help plan for your future. They are also trained to budget your current funds and future retirement plans. A trained professional experienced in helping women after divorce may be a welcoming attribute. Because the financial needs of a woman after divorce are quite different than those of a married couple, the financial advisor can help you move forward.

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